my husband i have been in business over 20 years and the economy is very bad as you well know, the bank that has a loan on our property and more land we put up has taken every piece of property and business we got a letter them wanting 160000.00 more looks like we will have to file bankruptsy, the government gave the bank so many million dollars and they sure didn't help us not even a phone call to help lower the payments to help us survive or anything what must we do?
2 Answers from Attorneys
It might be possible during a bankruptcy to get a loan modification that the bank is not otherwise willing to give.
It might also be possible to get the same result by defending the bank's lawsuit to foreclose the property, if the bank has done this.
It would be helpful for you to give more detail in your question.
You need to consult with an experienced bankruptcy lawyer right away and tell the lawyer everything about your situation - good,bad, or otherwise. You may also have ways, other than bankruptcy, of dealing with the problems, such as an informal workout. I know that the bank has refused anything of the kind to date, but lawyers sometimes know which buttons to push to get a more reasonable answer. I would also consider contacting your representative in Congress to see is he is willing to help (mostly by scaring the bureaucrats!)
If that does not work, you can always fall back on a bankruptcy filing (the big question will be which chapter you file under, but much more information is needed before that decision can be made).
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